Last Updated: June 2026
Comprehensive side-by-side comparison of all 27 studied jurisdictions across every regulatory dimension. Three of the 27 are regional aggregates — Southeast Asia (Thailand, Vietnam, Philippines, Indonesia, Malaysia, South Korea), Nordic Countries (Sweden, Norway, Iceland), and Africa (Emerging) (Nigeria, Kenya, Ethiopia) — where individual countries share a coherent regional pattern; sub-country detail is given inline. All data sourced from the verified country regulation files and the canonical fact matrix. Hashrate and energy figures are industry-reported (Cambridge CCAF/CBECI, Hashrate Index, Arkham, or named operators) unless tied to a primary regulator, and are flagged accordingly. See the Regulatory Spectrum and What Works & What Doesn't analyses for interpretive context. For detailed treatment of each dimension, refer to the Licensing Frameworks, Taxation Frameworks, Energy & Environmental Regulation, and AML/KYC Enforcement guidance documents.
Table 1: Legal Status and Institutional Design
| Country | Legal Status | Lead Regulator | Regulatory Model | Key Framework Year |
|---|---|---|---|---|
| United States | Legal (varies by state) | Multi-agency (SEC, CFTC, FinCEN, IRS, EPA/FERC, state PUCs) | Multi-agency + state-level variation | 2025-2026 (CLARITY/GENIUS Acts advancing) |
| Argentina | Legal (no mining-specific regime) | CNV (VASPs) + UIF (AML) | VASP/PSAV registration; mining unregulated | 2024 (Law 27,739); 2025 (RG 1058) |
| Brazil | Legal (mining unregulated) | BCB (VASPs) + Receita Federal (tax) | VASP licensing (effective Feb 2026) | 2022 (Law 14,478); 2026 (full VASP) |
| Canada | Legal (varies by province) | CRA (federal) + provincial utilities | Provincial energy regulation | Varies by province |
| El Salvador | Legal (encouraged; IMF-constrained) | CNAD | Government-backed + DASP framework | 2021 (Bitcoin Law); 2023 (LEAD) |
| Paraguay | Legal (piecemeal) | MIC + ANDE + SEPRELAD + DNIT | Registration + enforcement | 2024-2026 (evolving; 2022 bill vetoed) |
| Venezuela | Banned (grid, May 2024) | SUNACRIP (collapsed) + MPPEE | Collapsed licensing; administrative grid ban | 2024 (grid ban) |
| Australia | Legal | ASIC + AUSTRAC + ATO | Standard business treatment | 2017 (ATO guidance); 2026 (DA Framework Act) |
| Bhutan | Legal (state-operated + GMC) | RMA + DHI | Sovereign monopoly + special zone | 2019 (sandbox); 2025 (GMC restriction) |
| China | Banned | PBoC + 7 other agencies (8-agency, Feb 2026) | Comprehensive prohibition | 2021 (ban); 2026 ("Ban 2.0") |
| India | Legal (punitive tax) | CBDT/FIU-IND; no single mining regulator | Punitive taxation; no dedicated law | 2022 (Section 115BBH) |
| Japan | Legal | FSA | No mining-specific regulation; PSA→FIEA reform | 2017 (PSA); 2026 (reform enacted) |
| Kazakhstan | Legal (license + localisation) | Relevant ministry/regulator (ex-AIFC) | Nationwide licensing | 2023 (Law 193-VII); 2025 (Law 231-VIII) |
| Singapore | Legal | MAS (PSA/FSMA) + EMA (electricity) | No mining-specific regulation | 2019 (PSA) |
| Southeast Asia | Mostly legal (varies by country) | TH SEC, VN MoF, PH BSP/SEC, ID OJK, MY SC/EC, KR FSC | Mixed; no mining-specific regime | Varies (TH Revenue Code; ID POJK 27/2024; etc.) |
| Uzbekistan | Legal (strictly licensed) | NAPP | Full licensing; legal entities only | 2023 (rules); 2026 (Besqala zone) |
| European Union | Legal (MiCA disclosure) | ESMA + NCAs; EBA (ART/EMT) | Disclosure-based | 2023 (MiCA); transition ends 1 Jul 2026 |
| France | Legal | AMF (DASP→MiCA CASP) | Standard business + MiCA | 2023 (MiCA transition) |
| Georgia | Legal (tax-free) | National Bank of Georgia | Miners explicitly exempt from VASP | 2023 (VASP law) |
| Germany | Legal (no mining restriction) | BaFin (CASP); general tax authorities | No mining-specific regulation | N/A (general law) |
| Nordic Countries | Legal but restrictive (SE/NO/IS) | SE: Finansinspektionen; NO: Nkom; IS: Landsvirkjun | Transparency/registry + grid discipline | 2024-2025 (SE MiCA act; NO data-centre reg) |
| Russia | Legal (since Nov 2024) | Federal Tax Service (registry) | Registration (>6,000 kWh/month) | 2024 (Law 221-FZ) |
| United Kingdom | Legal (unregulated activity) | FCA + HMRC + Ofgem | Pending comprehensive framework | 2026 (FSMA regs passed) |
| Africa (Emerging) | Mixed (NG licensed; KE emerging; ET freezing) | NG: SEC; KE: CBK+CMA; ET: EEP/EIH | Licensing (NG) / VASP (KE) / data-centre (ET) | 2025 (NG ISA; KE VASP Act; ET freeze) |
| Saudi Arabia | Ambiguous (gray zone) | CMA + SAMA (warnings only) | No mining-specific framework | N/A (2018 warning only) |
| South Africa | Legal | FSCA + FIC + SARS + Eskom/Nersa | CASP licensing under FAIS | 2022 (FAIS declaration); 2023 (CASP) |
| UAE | Legal (licensable activity) | VARA + federal CMA + ADGM FSRA + DFSA | Dedicated crypto authority + free zones | 2022 (VARA); 2025 (federal Decree-Laws 32/33) |
Table 2: Tax Treatment Comparison
| Country | Mining Income Tax | Cost Deductible? | Capital Gains | Holding Incentive | Mining-Specific Levy | Effective Rate Estimate |
|---|---|---|---|---|---|---|
| Georgia | 0% (individuals) | N/A | 0% | N/A (no tax) | None | 0% (individuals) |
| El Salvador | 0% (licensed DASP under LEAD) | N/A | 0% | N/A | None | 0% (licensed) |
| Singapore | 0% (hobby); standard (business) | Yes (business) | 0% (no CGT) | N/A | None | 0% (hobby) |
| Bhutan | Revenue to DHI treasury; ~22% corporate | Not specified | Not specified | None | None | ~22% corporate (NOT VERIFIED) |
| Uzbekistan | 10-yr tax holiday (Besqala) to 1 Jan 2035 | N/A in zone | Not specified | None | 1% monthly revenue fee (Besqala) | ~0% in Besqala (1% revenue fee) |
| Paraguay | 10% corporate (on distributed profits) | Yes | 0% individual | N/A | None (structural low energy cost) | ~10% |
| UAE | 9% (>AED 375K); 0% free-zone qualifying | Yes | 0% | Substance req. (free-zone) | 5% VAT on mining income | ~9% (0% free-zone) |
| Germany | Up to 45% (other income) | Yes | 0% if held >1 year | 1-year exemption | None | Variable; 0% long-term |
| Australia | Marginal rate (business) | Yes | 50% discount >12 months | 12-month discount | None | ~25-35% |
| United States | Ordinary income at FMV | Yes (Schedule C) | 0-37% (holding period) | Long-term CGT rates | None federal | ~25-40% |
| United Kingdom | 20-45% (hobby/trade) | Yes | 18%/24% CGT | £1K trading allowance; £3K CGT allowance | None | ~25-40% |
| Canada | Business income (commercial) | Yes | 50% inclusion (66.67% increase cancelled) | 50% inclusion rate | None | ~25-35% |
| France | BNC up to 45% | Micro-BNC allowance (<€83,600) | 31.4% flat (PFU) | €305 CGT exemption | No crypto wealth tax in 2026 | ~30-35% |
| Brazil | Standard rates (business) | Yes | 15-22.5% progressive (R$35K monthly exempt) | None | 0% import duty (efficient miners, to 2028) | ~25-35% |
| South Africa | Ordinary income up to 45% | Yes | Included in income / CGT on disposal | None | None | ~25-45% |
| Russia | Individuals 13-22% PIT; 25% corporate | Unclear | Standard rates | None | Regional energy rates vary | ~13-25% |
| Kazakhstan | 20% CIT; 10-15% individual entrepreneurs | Limited | Double-tax relief on later sale | None | 2 tenge/kWh surcharge | ~20-25% |
| Japan | 5-55% (misc. income) → ~20% (from 2028) | Yes | Included in income | 3-year loss carry-forward (from 2028) | None | ~55% → ~20% (2028) |
| Southeast Asia | TH/PH/KR standard income; VN 5-35%; ID 5-35%/22% | Yes (TH) | VN 20%; ID/TH PIT exemption (conditions) | TH PIT exemption 2025-2029 (conditions) | ID 0.21% domestic / 1% foreign sale tax | Varies (~5-35%) |
| Africa (Emerging) | Nigeria up to 30%; KE/ET no mining-specific | Not specified | Included (NG) | None | KE 10% excise on VASP fees | ~30% (Nigeria) |
| Saudi Arabia | NO PRIMARY DATA (secondary ~20%, NOT VERIFIED) | NOT VERIFIED | NOT VERIFIED | None | NOT VERIFIED | NOT VERIFIED |
| Argentina | Income Tax (general inference, NOT VERIFIED) | Not specified | Bienes Personales reaches holdings | None | None mining-specific | NOT VERIFIED |
| Venezuela | NO DATA (grid ban; SUNACRIP suspended) | NO DATA | NO DATA | None | NOT VERIFIED | NO DATA |
| EU | No EU-level harmonized rate (member-state) | Varies | Varies by member state | Varies | None EU-level | Member-state dependent |
| Nordic Countries | SE ordinary/hobby; NO 22% | SE: not VAT-deductible | SE 30% flat; NO net wealth tax ~1-1.1% | None | SE data-centre electricity tax SEK 0.36/kWh | ~22-30% |
| India | 30% flat | NO (zero cost basis) | 30% flat | None; no loss offset | 1% TDS + 18% GST | Effective >45% |
Table 3: Energy and Environmental Requirements
| Country | Energy Reporting | Renewable Mandate | Capacity Cap | Grid Stability Mechanism | Mining Tariff / Levy |
|---|---|---|---|---|---|
| European Union | MiCA Art. 19 (enhanced >500K kWh) | Disclosure only | None EU-level | None EU-level | None EU-level |
| Nordic Countries | SE >0.5 MW real-time; NO Nkom registry | NO >95% renewable (~92% hydro) | IS grid-constrained; NO ban on new (proposed) | IS Landsvirkjun curtailment | SE data-centre tax SEK 0.36/kWh |
| United States | TX >75 MW (PUCT); no federal mandate | None | None federal | ERCOT demand response | Industrial ~$0.04-0.35/kWh (state-varying) |
| Iceland (in Nordic) | Meter enforcement | Net-zero target | Grid near full capacity (~120 MW allocation) | Landsvirkjun curtails new load | Baseline ~$0.06/kWh |
| Kazakhstan | Yes (certified meters) | None | None | Disconnection authority; shortage curtailment | 2 tenge/kWh (1 renewables / 25 unmetered) |
| Canada | Yes (Quebec Hydro) | None | Quebec allocation suspended; BC permanent ban | BC ban authority; ERCOT-style absent | Quebec Rate CB 18.078¢/kWh (Apr 2026) |
| Paraguay | Via ANDE registration | None | Power in 6 MW tranches per lease | ANDE disconnection + drones | ~$0.051→$0.06/kWh (GCIE; +8% loss) |
| Bhutan | State-operated (DHI) | 100% hydro (structural) | Self-limited by season | Seasonal winter shutdown | State-controlled |
| Africa (Emerging) | Ethiopia via EEP | None | Ethiopia: all new permits frozen (Aug 2025) | Ethiopia phase-out planned | Ethiopia ~$0.032/kWh; tariff +30%/24%/28% |
| China | Electricity / "energy-signature" monitoring | N/A (banned) | N/A (banned) | N/A | N/A (banned) |
| Russia | FTS AI energy-monitoring; IP-address data (May 2026) | None | Regional bans in shortage areas | Seasonal Siberian bans (Irkutsk/Buryatia) | Low Irkutsk tariffs (not quantified) |
| Uzbekistan | Separate meter for grid access | Renewables encouraged (solar/wind/grid) | ~1 GW grid-capacity target | Peak-hour surcharges | Double tariff for unified-grid electricity |
| Singapore | EMA quarterly tariff review | None (carbon tax S$45/tCO2e) | None | N/A | ~S$0.27/kWh (3-5x mining hubs) |
| UAE | VARA/FSRA ESG disclosure | ESG disclosure expected | None | MARA interruptible/flexible load | DEWA |
| South Africa | None mining-specific | None | None | Eskom-Nersa surplus-power demand-response (in development) | Avg Eskom ~R2.12/kWh (no miner tariff) |
| Australia | None mining-specific | None | None | Demand-response (commercial, not mandated) | Ordinary commercial/industrial rates |
| Japan | None mining-specific | None | None | None identified | Standard commercial rates |
| Germany | None mining-specific | None | No quotas/curtailment | None | High industrial ~€0.25-0.35/kWh (no miner tariff) |
| United Kingdom | None mining-specific (>1 MW grid connection) | None | None | Ofgem Demand Connections Reform (data-centre) | Standard business rates |
| France | None mining-specific | None | None | Surplus-nuclear mining experiment (proposed) | Nuclear-based ~€0.08-0.15/kWh |
| Georgia | GNERC tracks (~752M kWh 2025) | None | None | Smart-meter rollout (Mestia) | Free up to threshold (Svaneti); standard above |
| India | None mining-specific | None | None | NOT VERIFIED (prior cap claim removed) | Ordinary commercial/industrial tariffs |
| Southeast Asia | None mining-specific (utility estimates) | None | None | MY electricity-theft enforcement ("Ops Steal") | Market-rate (TH); high (PH) |
| Argentina | None mining-specific | None | None | Bilateral PPAs (Decretos 450-452/2025) | Industrial ~$0.03-0.08/kWh |
| Brazil | None mining-specific | None | None | Engie weighing curtailed-renewable monetization | Wholesale ~R$250-450/MWh |
| El Salvador | State geothermal (LaGeo) | Geothermal focus | ~95 MW earmarked for govt program | No grid surplus | Industrial ~$0.20/kWh; geothermal ~$0.03-0.06 |
| Saudi Arabia | NO DATA FOUND | NO DATA FOUND | NO DATA FOUND | NO DATA FOUND | NO DATA FOUND |
| Venezuela | No published tariff regime | N/A | N/A (grid ban) | Ban framed as grid stabilization | NOT VERIFIED (no per-kWh schedule) |
Table 4: AML/KYC Requirements
| Country | AML Regime for Miners | Registration/License Required? | Mining Pools Regulated? | Travel Rule / Reporting Threshold |
|---|---|---|---|---|
| United States | FinCEN: miners-for-self exempt from MSB | MSB if transmitting for others | Not specifically (audits on pool rewards >$3K) | Travel Rule ≥$3,000 |
| European Union | MiCA: miners excluded from CASP | Only if also providing CASP services | Pools/custody/hashrate sales trigger CASP | DAC8/CARF from 1 Jan 2026; first exchange 30 Sep 2027 |
| United Kingdom | Mining not in FCA scope | Not currently (unless exchange/custody/ATM) | No | CARF from 1 Jan 2026; £300/user penalty |
| Germany | No mining-specific; CASP via MiCA | No (CASPs report user data) | Not specifically | DAC8/CARF from 1 Jan 2026 |
| France | No mining-specific; DASP/MiCA CASP | No (service providers only) | Not specifically | DAC8 from 1 Jan 2026; first reporting 2027 |
| Kazakhstan | AML/KYC tied to licensed/accredited mining | Yes (accreditation/licence) | Pool tax-reporting (Order 119, 2026) | NOT VERIFIED |
| Russia | Mandatory national mining registry (FTS) | Yes (>6,000 kWh/month) | Not specifically | IP-address data from 30 May 2026 |
| Paraguay | SEPRELAD Res. 8/2020: miners = "Obligated Subjects" | Yes (MIC + SEPRELAD; Dec 2024) | Not specifically | DNIT Res. 47/26: report crypto tx >$5,000/yr |
| Bhutan | RMA 2019 sandbox: KYC/AML required | Yes (RMA approval; GMC for private) | N/A (state-operated) | Not specified |
| Uzbekistan | Anonymous mining prohibited; proceeds to UZ banks | Yes (NAPP permit) | Not specifically | NOT VERIFIED |
| South Africa | FIC Directive 9 (where also CASP) | CASP licence if also providing services | Not specifically | 30 April 2025 (no de minimis); CARF |
| UAE | VARA Travel Rule (all VASPs, Feb 2026) | Mining not a named financial activity | Pools/mining-as-a-service may trigger VARA | CDD threshold AED 3,500 |
| Africa (Emerging) | NG VASP/SEC + NTAA; KE VASP Act; ET data-centre | Yes (NG SEC; min N500M capital) | Not specifically | NG NTAA reporting on VASPs |
| Australia | AUSTRAC AML/CTF (DCE providers) | Mining not an AUSTRAC-designated service | Not specifically | IVTS/travel rule from 31 March 2026 |
| Japan | Exchange operators under criminal-proceeds act | No miner-specific registration | Not specifically | Not specified |
| Singapore | AML/CFT under PSA (DPT operators) | No mining-specific registration | Not specifically | DPT operators only |
| Argentina | AML/CFT under Law 27,739 + RG 1058 | Attaches to VASPs, not miners | Not specifically | Exemption <35,000 UVA monthly (persons) |
| Brazil | AML/KYC under BCB resolutions + Law 14,478 | Attaches to VASPs, not miners | Not specifically | No mining-specific guidance (NOT VERIFIED) |
| Canada | CASP obligations; CARF tracking | Not mining-specific | Not specifically | CARF from 1 Jan 2026; first reporting 2027 |
| El Salvador | AML/KYC via CNAD/LEAD DASP | DASP registration (not for mining act) | Not specifically | DASP framework only |
| Southeast Asia | PH BSP Circ. 1206; ID OJK; KR VAUPA | Mostly VASP-targeted, not miner-specific | Not specifically | PH PHP 100M capital; VN charter-capital cap |
| Georgia | VASP registration (July 2023, NBG) | Individual miners explicitly exempt | Exempt (pool participants) | Commercial VASPs only |
| India | VASPs reporting under PMLA (since 2023) | No mining-specific regime (NOT VERIFIED) | Not specifically | Section 509 reporting from 1 Apr 2026 |
| Nordic Countries | MiCA CASP (SE); NO data-centre registry | NO: data-centre registration (Nkom) | Not specifically | DAC8/CARF EU-wide |
| Saudi Arabia | No comprehensive VASP law (NOT VERIFIED) | No mining licensing framework | No | NOT VERIFIED |
| China | Banking checks + transaction surveillance | N/A (mining illegal) | N/A | N/A |
| Venezuela | Pre-2023 SUNACRIP regime non-operational | Historical (now defunct) | N/A | NOT VERIFIED (no current obligation) |
Table 5: Enforcement Mechanisms and Outcomes
| Country | Primary Enforcement Method | Illegal Mining Scale | Key Enforcement Action | Penalty |
|---|---|---|---|---|
| China | Electricity monitoring + banking + blockchain forensics | ~14% global hashrate persists underground | Cross-border USDT laundering case | Criminal prosecution; asset seizure |
| Venezuela | Militarized grid-protection raids | Residential hashrate down ~65% since 2024 | Operación Cazador (May 2026): ~4,000 ASICs seized | Equipment seizure; SUNACRIP officials arrested |
| Paraguay | ANDE drones + AI analytics | 28.5% of national consumption stolen (~$60M/yr) | 17+ raids; 10,000+ ASICs seized (2024) | Up to 10 years imprisonment |
| Russia | FTS AI energy-monitoring + regional authorities | ~70% unregistered (est. 140K-200K farms) | BitRiver founder under house arrest (Jan 2026) | Proposed: up to 1.5M rubles + 2 yrs forced labor (not enacted) |
| Kazakhstan | Certified meters + disconnection | Unlicensed mining illegal | "120+ unlicensed shut down" (NOT VERIFIED) | Equipment seizure; "fines up to 5M tenge" (NOT VERIFIED); criminal |
| Brazil | Police/DEIC electricity-theft raids | Localized (electricity-theft farms) | São Paulo (May 2026): ~1,400 rigs, ~2 GWh stolen | Asset-seizure law (Mar 2026): freeze/liquidate |
| Georgia | NBG/GNERC + smart meters | Illegal use | Svaneti/Mestia crackdown (June 2026) | Smart meters + standard tariffs above free threshold |
| Southeast Asia | MY electricity-theft prosecution; TH platform blocking | MY ~RM700M/yr theft (~14,000 premises) | MY Sibu raid (Apr 2026): 12 servers, direct-tapping | MY up to RM200,000 + 5 yrs; TH 2-5 yrs + blocking |
| Africa (Emerging) | EEP permit control (Ethiopia); SEC licensing (Nigeria) | Ethiopia: 25+ foreign firms, ~20 on waiting list | Ethiopia EEP permit freeze (Aug 2025) | NG NTAA: N10M first month + N1M/month |
| Singapore | MAS PSA/FSMA licensing enforcement | Negligible mining (structural) | 480+ applications → 36 MPI DPT licences | Unlicensed: up to S$250,000 + 3 yrs |
| UAE | VARA + federal CMA penalties | Limited (licensed market) | VARA fined Fuze for AML/unlicensed VA (Aug 2025) | CMA (Art. 71): ≥1 yr + up to AED 250M (~$68M) |
| EU | ESMA + NCA supervision (1 Jul 2026 hard stop) | Non-compliant CASPs (not mining-specific) | Tether (USDT) delisted on EU exchanges by Mar 2025 | Loss of authorization / forced wind-down |
| United Kingdom | FCA supervision; high AML rejection rates | Limited data | FCA shut down all crypto ATMs | CARF penalties up to £300/user |
Table 6: Economic Outcomes
| Country | Investment Attracted | Government Revenue from Mining | Hashrate / Energy (industry-reported) | Grid Impact |
|---|---|---|---|---|
| United States | Billions (MARA, Riot) | State-varying; MARA ~$25M tax (2024) | Share disputed: CCAF ~75.4% (overstated), Hashrate Index ~37.5% | Positive (demand response) |
| Paraguay | $1.5B+ deployed, 60+ sites | ANDE ~$12M/month (reported) | ~4.3% of global hashrate (~43 EH/s, Q2 2026) | Strained (28.5% theft) |
| Bhutan | $1B+ (DHI + Bitdeer) | Revenue funds government salaries | 600 MW capacity; >13,000 BTC since 2019 | Self-managed (seasonal) |
| Kazakhstan | Moderate | National Bank ~$350M crypto-reserve allocation (NOT VERIFIED) | ~6-16% of global (2026, wide dispute, NOT VERIFIED) | Strained (shortage curtailment) |
| Georgia | Strong (attracted operators) | Near-zero (0% individual tax) | ~752M kWh (~5% national consumption, GNERC) | Strained (Mestia overload) |
| Africa (Emerging) | Ethiopia: 25+ foreign firms; KE ~$19bn inflows | Ethiopia state-backed (EIH 20-30% stakes) | Ethiopia ~2.6% of global (~27.5 EH/s, 8th-largest) | Critical (Ethiopia grid at capacity → freeze) |
| El Salvador | LaGeo geothermal; Volcano Energy | 474 BTC mined via geothermal (govt-reported) | ~1.1 EH/s national ("not competitive market") | No grid surplus |
| Russia | BitRiver (~533 MW historic) | Mining tax revenue (registry-based) | ~196,900 active farms (+44% in 2025, FTS count) | Strained (regional shortage bans) |
| UAE | MARA/Zero Two 250 MW JV | 9% corporate / 0% free-zone | MARA Abu Dhabi 1.2 EH/s; ~4.2 BTC/day (Feb 2026) | Interruptible/flexible load |
| India | Fled offshore (~$42B traded offshore) | Minimal (zero cost basis taxes revenue) | NO DATA FOUND | Minimal |
| China | Lost entirely (fled abroad) | Zero | ~14% underground (Hashrate Index/Luxor) | Underground (unknown) |
| Argentina | Single-operator exit (Bitfarms) | NOT VERIFIED | ~1 EH/s, down ~42% YoY (Q2 2026) | Bilateral-PPA model |
| Brazil | Engie considering (no established operators) | NO DATA FOUND | NO DATA FOUND | Curtailed-renewable monetization explored |
| Singapore | 36 MPI DPT licences (not mining) | N/A (negligible mining) | Negligible (high cost, climate) | N/A |
| Nordic Countries | SE: 68% of surveyed miners planned to exit by 2026 | SE ~SEK 990M VAT back-tax demand | Iceland ~120 MW allocation (2024) | IS grid near capacity; SE relocation |
| Saudi Arabia | Private MoUs (WhiteBIT/Durrah; Qareeb/Pantheon) | NOT VERIFIED | NOT VERIFIED (secondary ~4%, omitted) | NO DATA FOUND |
| South Africa | Bitmach demand-response proposal (up to 5 GW) | Not specified | NO DATA FOUND | Eskom-Nersa surplus-power (in development) |
Table 7: Hydropower Countries Comparison
Particularly relevant for jurisdictions with surplus hydroelectric energy (Profile A in the Guidance). See the Economic Outcomes Analysis for detailed revenue data and the International Organization Frameworks for how the IMF and World Bank view these approaches. Only jurisdictions where hydropower is a defining feature of the mining economics appear here; the Nordic and Canadian rows reference their hydro-dominant sub-jurisdictions.
| Factor | Bhutan | Paraguay | Africa (Ethiopia) | Nordic (Iceland/Norway) | Canada (Quebec/BC) |
|---|---|---|---|---|---|
| Hydro capacity | 3.5 GW (15 GW planned) | 17+ GW (Itaipu + Yacyretá) | GERD ~6.45 GW | NO ~33 GW; IS geothermal/hydro | Quebec/BC hydro-dominant |
| Mining approach | State-operated monopoly | Private + state pilot | Private (now freezing) | Private (NO new banned; IS capped) | Private (suspended/banned) |
| Electricity rate | State-controlled | ~$0.051-0.06/kWh (GCIE) | ~$0.032/kWh | IS ~$0.06/kWh; NO varies | Quebec Rate CB 18.078¢/kWh |
| Mining as % of power | >50% (est., more than rest of nation) | ~4.3% of global hashrate | Ethiopia at-capacity (figure NOT VERIFIED) | IS limited; NO limited | Limited data |
| Revenue / scale | >13,000 BTC since 2019 | ANDE ~$12M/month | ~2.6% global (~27.5 EH/s) | IS ~120 MW allocation | Punitive pricing |
| Outcome | Successful but risky (sell-down) | Growing but chaotic (no comprehensive law) | Crisis → permit freeze | Constrained / restricted | Priced out / banned |
| Key lesson | Sovereign mining works; manage concentration risk | Needs comprehensive law | Don't let mining exceed grid capacity | Capacity limits and bans drive activity elsewhere | Punitive pricing / suspension = de facto ban |
Verification Notes
- Coverage: All 27 studied jurisdictions are represented, including the three regional aggregates — Southeast Asia, Nordic Countries, and Africa (Emerging) — which the domain treats as single rows with inline sub-country detail. Hydro-dominant sub-jurisdictions (Iceland, Norway, Quebec, BC, Ethiopia) are referenced inside Table 7.
- Source of truth: Every cell mirrors the canonical fact matrix (
.claude/crypto-mining-fact-matrix.json) as of 2026-06-04. No figure not present in the matrix or prior verified file has been introduced. - Hashrate/energy figures are industry-reported (Cambridge CCAF/CBECI, Hashrate Index, Arkham, GNERC, FTS energy-monitoring counts, or named operators) and flagged as such; "NOT VERIFIED" and "NO DATA FOUND" are carried over honestly rather than filled with estimates.
- Corrections applied this refresh:
- China: hashrate share corrected to industry-reported ~14% (Hashrate Index/Luxor; CryptoQuant 15-20%), not "14-21%"; added the Feb 2026 eight-agency "Ban 2.0" notice and the Nov 2025 PBoC reaffirmation.
- Kazakhstan: mandatory-domestic-sales quota repealed by Law 231-VIII (Nov 2025) — Table 1 model updated to nationwide licensing; mining-pool tax-reporting (Order 119) added to Table 4.
- Russia: registered/active-farm count corrected to ~196,900 active farms (+44% in 2025, FTS count) with ~70% unregistered; Siberian seasonal bans (Irkutsk/Buryatia/Zabaikalsky, expired 15 Mar 2026) noted in Table 3.
- El Salvador: Bitcoin legal-tender status repealed (29 Jan 2025); 0% LEAD DASP regime and IMF non-accumulation constraint retained.
- Paraguay: Bitfarms exit (final Paso Pe site sold to Sympatheia, Jan 2026) and ANDE-Morphware state-mining MOU reflected; hashrate ~4.3% of global (~43 EH/s).
- Canada: capital-gains 66.67% inclusion increase cancelled (rate remains 50%); BC permanent ban and Quebec Rate CB 18.078¢/kWh (Apr 2026) reflected.
- Tags: Only canonical tags are used (
type/analysis); region values map to the canonical set — Americas, Asia-Pacific, Europe, Middle East & Africa — consistent with the regulations file tree. - Wikilinks use correct file slugs (note Georgia =
georgia-country) and the fulldeep-research/path prefix; no relative Markdown links are used.